Money transferred to a wrong account using NEFT is something you might have experienced in the past. The bigger problem would be to retrieve that mistaken payment from that account. Therefore to avoid such mishaps we need to take the step of validating an account before the transaction takes place.
At the same time beneficiary name and account, validation can be a slow process too. There can be failures upon validation of an account and the reinitiation time can delay your transactions. Not only that, this whole process might become a little expensive.
It may take several hours for the receiving bank to show the wire proceeds in the recipient’s account, even if the money is at that bank. A bank employee might just need to complete several tasks to make the funds available for that particular transaction. Bank wires are performed in real-time and cannot be processed in batch, so it can be inconvenient for businesses which support recurring payments since data won’t be stored for future validations.
Therefore beneficiary name and account validation is a critical activity for any Financial entity to carry out, as the subsequent transaction involves wired payments.
Introducing IMPS- Penny Drop Account Validations!
IMPS- Penny Drop is a revolutionary service provided by CAMSPay for clients for beneficiary name validation. The process gets initiated just by dropping a penny into the beneficiary’s account to validate it. The process will happen through IMPS platform of NPCI and the entire process will happen through API calls between the participants.
How does the Penny drop service work?
A notional credit of Rs1 will be transferred as a penny drop to validate the account holder name.
Response from the bank will fetch the name of the account holder as appearing in the CBS system for the account credited with the amount. Then the account can be validated and the payment can be done easily without any worries.
This process can be done instantly without any delay, and even if the account validation process gets failed in between, auto-reinitiation takes place and this cuts downtime and helps your transaction to be processed as fast as possible.
The benefits of using IMPS- Penny Drop
Customer Account Name Validation is one of the most crucial steps for a financial entity to take while doing business. This process can be done in an instant with IMPS Penny Drop. It is much faster than any other service. CAMSPay IMPS Penny Drop assures you a higher success rate of beneficiary name validation. It provides the best in class service with an inexpensive rate which cannot be compared with any other service provider. The best advantage of using IMPS- Penny drop service is that you can store the data for future validations. This advantage comes in hand while doing recurring payments.
You might be wondering how is IMPS Penny drop different from the other service providers.
So here are the key differentiators of CAMSPay IMPS Penny Drop:
What are you waiting for?
Enable this service for your institution provided by CAMSPay and enjoy instant beneficiary name validation.
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